|By Marketwired .||
|August 14, 2013 05:22 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/14/13 -- Nuinsco Resources Limited ("Nuinsco" or the "Company") (TSX:NWI) (www.nuinsco.ca) today announced with great sadness the death of Director George Archibald.
Mr. Archibald had served as a Director of Nuinsco since 1995, however his association with the Company and its predecessors began when he founded New Insco Mines in 1970 with H. Douglas Hume. During the course of a partnership that lasted over 30 years until Mr. Hume's death in 2003, Mr. Archibald and Mr. Hume teamed up to make seven discoveries, including their first in 1971, a massive sulphide copper deposit in Hebecourt Township, Quebec. Other discoveries included the Cameron Lake gold deposit; the Rainy River gold and nickel/copper deposits in northern Ontario; the Prairie Lake carbonatite near Marathon, Ontario; and the high-grade Lac Rocher nickel deposit in northern Quebec.
"I first met George in 1992, and immediately felt his passion for our business," said Rene Galipeau, Vice-Chairman and CEO. "He made me feel comfortable and was a big part of my incentive to get involved with him and Doug to take Nuinsco forward. George was not a vocal man, but when he spoke he had something meaningful to say. We had some exciting times with the discovery of Rainy River, the discovery of Lac Rocher, the advancement of Diabase and with Nuinsco's numerous other projects. It was great to see George excited over all of his projects. I will certainly miss George's support and his presence."
"As a mentor, colleague and friend I worked with George on numerous projects throughout Canada over a period of three decades," said Paul Jones, President. "In the past several years George acted as a sounding board, providing sage, no nonsense, well-informed, common sense advice on all aspects of our projects. Personally I will miss George greatly while our industry has lost a consummate practitioner."
"George contributed much to our industry as a geologist and mentor. As one of the founders of Nuinsco, he helped build a culture of excellence and success that is one of the most enduring in our industry. He carefully thought through issues and provided excellent advice. He will be missed by all of us," commented fellow Nuinsco director Dr. James M. Franklin.
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares in Coventry Resources Limited (TSX VENTURE:CYY) and Victory Nickel Inc. (TSX:NI), and a 50% interest in CBay Minerals Inc. (50% Nuinsco, 50% Ocean Partners Investments Limited), a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines, three potential near-term copper producers and a 96,000 acre land position. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.